A property market update for 1st week of May 2021 for Sydneys Eastern and inner Western suburbs where the last few months have really been running hot, in particular for houses, as a result of low interest rates, and lack of supply.
Just recently the runaway train seems to have stabilised, one key indicator of that is more offmarket properties across our desk. Property owners and agents have more confidence to sell without marketing, knowing that buyers are realistic about the new normal of where prices are at.
Agents are reporting sellers are continuing to list- and many think this will mean it’s not going to slow down over winter.
Mortgage brokers we are close to say there are so many applications in for loans, banks cant keep up so there is still a massive amount of buyer demand waiting in the wings, to keep adding fuel to the fire.
Finally, we are hearing whispers of an october federal election with increased immigration intake as an election issue to pay covid debt and keep the property industry firing. Any covid issues over winter would interfere with that, but if not, even the talk of increasing immigration will prop prices.
All speculation but we think there is more evidence pointing to a continued property boom, rather than a bust.